SMBs should be using their data to drive business.
These days it is common knowledge that big data is a humongous resource for businesses. Large corporations are utilizing the data they collect, and even buy, to their advantage to market more effectively to consumers and achieve exponential growth.
But it hasn’t necessarily become common for the smaller business owners of America. Small business owners don’t yet leverage their customer data to gain insights and marketing resources. For one, large corporations have a lot more resources and profits at their disposal than small businesses. Small business owners tend to be plagued with both limited time and limited resource. But that is not the only reason some businesses are not taking action. It’s also partly the perception of small companies that Big Data is reserved for Big Corporations.
It’s not that small and medium-sized businesses (SMBs) do not recognize how important data is. They do. Small business owners often feel like they don’t have the technical experience on hand to analyze the information they are collecting or how to put it to use. They just don’t realize they actually can afford to collect and analyze data and that there are some very simple yet powerful ways to turn that knowledge into a marketing resource.
How can data analytics benefit the small business owner?
SMB owners know that overhead can be tight. Having access to important data and information can help to not only reduce ad costs but see a greater ROI. Following trends can help show which campaigns are working and which are not. This will help you weed out non-performing marketing efforts. Merchants can do all this once they see their customer data as a marketing resource, and not just something they must store.
You do need to be strategic about the data you collect and how you use that data to create marketing. For example, you may want to only market to a specific geographic location, or to customers with specific interests or buying habits.
The right kind of data can give business owners interesting insights into who your customers really are, and where they are. Data allows you to better know your actual market and not just the target market. It can also help you to see what to change in order to reach the ideal customers or target market.
The insight business owners get from watching consumer trends can help streamline operations, better manage inventory, forecast more accurately, and balance costs.
SMBs can affordably begin leveraging their own data as a marketing resource right now!
If you are just starting out, you will have a leg up on a business owner that has been running a business for many years but is only now trying to implement an effective data collection and management program. But that doesn’t mean it needs to be overwhelming for those long time business owners either.
There has been a growing emergence of self-service solutions for gathering and analyzing data available to businesses of all sizes. These solutions give SMBs the ability to gather insights and data through user-friendly business intelligence tools. BI tools aim to collect information in an organized manner, making data analytics more user friendly. By making the data more presentable to the layperson, businesses do not need an IT specialist on staff to interpret the information. This way, any business owner can capture more data and then leverage that information in their marketing endeavors.
Tapping into the data you already have is a great start.
Gathering and analyzing your customer data gives you compelling insights that can then be used as a powerful marketing resource. Data analytics show business owners what is working and what isn’t and where their business is most profitable. Being armed with this knowledge will help you make better and faster decisions on how to maximize each area.
Data can also help you see what customers don’t like. Where exactly are you losing them? When customers do not complete a specific action on your website, you need to know why. Then can you take steps so there is less friction at that particular stage. With less friction, there’s a greater chance they will complete that action instead of jump from your website.
Once you have data at your disposal, how will you interpret that data? For example, knowing how much website traffic you are getting is really great. But knowing exactly which demographic the majority of your customers are coming from is awesome! And actionable. Because data won’t do you any good if the information is not actionable in some way.
Analyzing the various points of information will, in turn, help to steer you in the direction in which ways you should put it to use.
Big Data is NOT reserved for Big Corporations.
Business owners need only to decide to start putting their data to use to begin leveraging them as a marketing resource. From there you can start as big or small as you need to remain within your budget. To start small, begin right away using a free tool you already have at your disposal. Begin extrapolating information immediately using Google Analytics, a free digital analytics platform, on your current website. Google Analytics tracks visitor behavior such as where your traffic comes from and how long consumers linger on a specific page, topic or item. It also allows you to track the traffic you receive through your social media outlets revealing which campaigns are working and which are not.
Ready to dive in a bit deeper? Review the new self-service Business Intelligence software solutions on the market today and decide which is right for your business model. Many cloud based POS systems enable business owners to access information from anywhere they are when they need to. They also conveniently organize your data, making it easy to quickly sift through. This way merchants can take actions on only the data needed at the time. Cloud based systems also tend to be scalable, allowing you to enhance features as your business grows.
Experience the Bankcard Brokers Difference!
When business decisions are based on data, you make smarter choices with confidence rather than just taking a shot in the dark. At Bankcard Brokers, we’re not here only to sell you a merchant account. We are here to help provide solutions that aid in your success as a business. Leveraging the information you collect every time a customer walks through your door (even your virtual door) will lend to your success.
We want to help you gain new marketing resources by learning to leverage your customer data. We have many options for integrating with your gateway, point of sale, and/or current software. Whether you are looking for a CRM, POS, or other data analytics software, or already have one, call Bankcard Brokers today. Let us show you how to integrate tools along with our cutting edge payments solutions for a complete recipe for success.